by Bryce Hansen
on Saturday, December 22nd, 2018 at 2:46pm.
Whether you’re a first-time homebuyer or a seasoned vet, follow these steps and you’ll be sure to have a smooth transaction.
Starting the journey to homeownership can be overwhelming and stressful. But with a little planning, you’ll get the home that’s right for you. A home that strikes a balance between your “wish list” items and the practical realities of the property, location and the housing market. Before you know it, you’ll have a place to call your very own. A place to entertain. A place to decorate. A place to raise a family. It really is an exciting time! To help keep you on track, we’re going to give you a step-by-step guide to buying your first home.
An effective budget will map out your plan to set aside money for your down payment and additional costs. It will also help determine the price of a home you can afford.
STEP 2 – Investigate Mortgage Options
There are many different types of mortgages. If you don’t have the 20% down payment for a conventional mortgage, you can get a high ratio mortgage, combined with mortgage default insurance, that allows for a smaller down payment. You should be pre-approved for a mortgage before you start house hunting. If you need any recommendations we’ve got a list of highly qualified mortgage specialists that we’d be happy to put you in touch with.
STEP 3 – Choose a Realtor
Your realtor will play a vital role in your home buying experience. The best realtor will be a combination of a personal advisor, consultant, and negotiator. He/she will show you homes that match your criteria, guide you through the home buying process, negotiate the best possible price for your home and deliver your closing documentation.
STEP 5 – House Hunting
Create a wish list House hunting can be a lengthy process. To save yourself time, tell us what you want in a home beforehand. Think about your immediate needs, future plans, and lifestyle. When you look at homes, you may be tempted to concentrate on the home, but don’t forget to look at the whole property: the lot, the neighborhood, the surroundings. How close is the home to facilities and services important to you?
We’ll bring you a checksheet When you’re ready to begin shopping for a home – often called “house hunting”, you may end up seeing multiple homes in one day. This checksheet will help you compare and keep track of the homes you visit. And help you remember the features you did or didn’t like.
STEP 6 – Make the Offer
Your agent presents the offer to the seller. This document includes the price, conditions, deposit, included items, and closing date. The seller either accepts, rejects or counters the offer (also called “counter offering”).
STEP 7 – Home Inspection
Hiring an inspector is voluntary, but it’s a smart idea for resale homes. You can choose to make your offer to purchase the home conditional on the outcome of your inspection. If your inspection reveals major problems, you can negotiate those repairs with the seller before your deal closes, or legally withdraw your offer.
STEP 8 – Finalizing The Deal
Finalizing the deal will include the final approval of your mortgage, a meeting with your lawyer to finalize details like insurance and conditions, and the results of a title search.
STEP 9 – Moving Preparations
There’s a lot to do before you move. Line up utilities and other services like phone, cable, and internet. If you rent, you must give your landlord notice. Also, forward your mail to your new address and hire a moving company or give us a call to book the dates you’d like to use our complimentary team moving trailer when you buy or sell with us. Preparing these things well in advance will help you make a smooth transition to your new home.
STEP 10 – Closing Day
This is the day you legally get possession of the house. Your lawyer completes the paperwork (so the home is in your name), payments are finalized, and you receive the deed and the keys. Congratulations on your new home!If you’re ready to start the home buying process please give us a call today and we’ll help you get the ball rolling.